Amazon is reportedly looking to cut out the credit card companies.
According to Bloomberg, Amazon is looking for a banking partner to allow purchases on its eCommerce platform without paying credit card companies their cut.
Amazon already dipped its toes in the payments space with two products: Prime Reload and a Chase rewards card.
With Prime Reload, consumers use a debit to fund an Amazon gift card in exchange for cashback rewards.
The Chase rewards card is a more traditional credit card.
As Amazon’s revenue continues to grow, reducing payment overhead is a way to increase profit or offer higher margins to merchants.
